Top Hedgie Said To Lose $328m On Gold

John Paulson

Billionaire John Paulson lost more than $300m of his personal wealth on his gold bet, as the precious metal fell to its lowest price in almost two years Friday.

Bloomberg reports that Paulson has roughly $9.5bn invested across his hedge funds, of which about 85% is invested in gold share classes. Gold dropped 4.1% Friday, shaving about $328m from his net worth on this bet alone.

Gold tumbled and entered a bear market after falling more than 20% since August 2011, bringing more bad news for 57-year-old Paulson, who has struggled with poor returns for the past two years.

He told investors last year that his $700m Gold Fund would beat his other strategies over five years because the metal was the best hedge against inflation and currency debasement as countries pump money into their economies. The fund slumped 28 percent this year through March, a person familiar with the matter said this month.

Hit the link below to access the complete Bloomberg article:

Paulson Loses More Than $300 Million as Gold Declines

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